Business

5 C’s for Surviving a Downturn in Business – Verne Harnish

1. Communicate Daily – Airbnb went into a daily huddle 7 days a week when they lost $1 billion in bookings during the pandemic. The key is looking at data and making decisions DAILY.
2. Customer Contact – double down on connecting with clients and finding out how to help them – they might be struggling as well. “Hidden Champion” firms have twice the number of employees directly supporting customers than other firms. Give to receive.
3. Clean Up and Catch Up – a downturn is a good time to clean up sloppy processes, eliminate needless activities, and play catch up with systems. Simplify, simplify, simplify.
4. Cash, Cash, Cash – review ALL recurring expenses that may have creeped into costs; ask all employees to find ways to reduce their expenditures; seek lower cost solutions; and tighten up billing and collections.
5. Calm and Considerate – above all, take a few deep breathes, only risk money (not your health), and remain calm and considerate. “Leaders absorb fear and exude hope” – it’s your job.

Do business with people who want to do business with you and let go of those who refuse to accept any better. – Dad

Very few businesses spend their entire existence selling to the same market. In fact most CEO’s believe their model will change significantly over the next 3 years. Our company is no different. But, having the foresight to accept a market’s impermanence is the first step in finding the next great opportunity. – Dad

Weak leaders shoot the messenger. Strong leaders praise the messenger, but truly great leaders promote the messenger. – Adam Grant

I say it all the time when it comes to gifting, but it also applies to life in general too. Most people settle for “what’s the least I can do” vs “what’s the most I could do” take that extra leap when it comes to your business and watch things change around you. – John Ruhlin

If you hit the wrong note, it’s the next note that you play that determines if it’s good or bad. – Miles Davis